Most advisors consider attorneys and CPAs as primary COIs, and with good reason. The more affluent the client, the more likely they are to rely on attorneys and accountants as a source of referrals. But there’s a referral source they’re missing.
What Dan Writes
I’m amazed at the contortions investors go through in a misguided effort to “beat the market” when saving for retirement.
Advisors should focus on establishing trust with potential clients, but what happens when all that person wants to do is talk about risk? It’s tempting to demonstrate your expertise by “educating” the prospect. If you do this, most of what you will be imparting will be irrelevant to the real concern of your prospect.
The financial media loves to create panic and anxiety by focusing on the aggregate wealth that is “wiped out” when the market drops. It’s hogwash.
While being a financial advisor is challenging, if dentists can overcome the obstacles involved in getting patients in the door, you are well-advised to emulate how they do it.
Here’s some valuable advice to maximize returns. Other than rebalancing every year or so (which is not necessary if you own a target date retirement fund, because those funds automatically rebalance), ignore your account statements.